# Within-EMU CA Regressions: Levels, Deviations, Distance

| Variable | Z levels | Z dev → CA dev | Z dev + ctrl | Dist from DEU | Age dev |
|:---|---:|---:|---:|---:|---:|
| Z_1 | -189.7500*** | | | | |
| | (35.6908) | | | | |
| Z_2 | 24.2056*** | | | | |
| | (4.6263) | | | | |
| Z_3 | -0.8706*** | | | | |
| | (0.1713) | | | | |
| fiscal_bal_gdp | -0.0679 | | 0.0079 | -0.0370 | |
| | (0.0654) | | (0.0612) | (0.0651) | |
| nfa_gdp_lag | 1.6071** | | 1.6162*** | 2.1161*** | |
| | (0.6681) | | (0.6101) | (0.6228) | |
| rgdp_growth | 0.1202*** | | 0.0882** | 0.1097*** | |
| | (0.0379) | | (0.0356) | (0.0384) | |
| Z_1_dev | | -193.5372*** | -185.4627*** | | |
| | | (36.9927) | (32.3060) | | |
| Z_2_dev | | 25.6002*** | 24.8720*** | | |
| | | (4.8174) | (4.2107) | | |
| Z_3_dev | | -0.9462*** | -0.9270*** | | |
| | | (0.1799) | (0.1571) | | |
| Z_1_dist_deu | | | | -179.9972*** | |
| | | | | (29.8175) | |
| Z_2_dist_deu | | | | 23.9581*** | |
| | | | | (3.8098) | |
| Z_3_dist_deu | | | | -0.8880*** | |
| | | | | (0.1395) | |
| old_dep_dev | | | | | 0.0905 |
| | | | | | (16.1638) |
| youth_dep_dev | | | | | 45.5373** |
| | | | | | (21.4296) |
|:---|---:|---:|---:|---:|---:|
| N | 447 | 449 | 447 | 447 | 449 |
| R² | 0.2416 | 0.1863 | 0.3304 | 0.3532 | -0.0830 |
| Countries | 19 | 19 | 19 | 19 | 19 |

*Panel GLS with country and year fixed effects. EMU members post-accession only. Deviations computed from EMU-year cross-sectional means.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*